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Are there any downsides to hosting your own instance?
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Upkeep and domains cost assuming you are opening it to other users, if it gets popular you have to scale up your operation which costs more.
Here's a fun one... If you are hosting content that could get a DMCA from companies in the US, then you need to make sure you have filed a DMCA Agent with the US Government that handles those claims, section 512 also requires the termination of repeat infringers. In order to qualify for the safe harbor you must have a registered agent.
If you are running it on a home server, read the ToS from your ISP, some do not allow that on home internet service. My ISP has a clause that says my service is for my household use only and that I can't open it for any sort of "high-volume purpose."
I'm just spitballing here, it'd probably just be a fun thing for you though, just be aware of that DMCA thing if it catches on though. I have no clue if other countries have similar requirements.
@JelloBrains Great points all around, especially the DMCS liability part... thanks for sharing!
Really good points. I wasn't planning on opening it up, but if I was these are all great to keep in mind. Thank you.